Summary: Abu Dhabi National Insurance Co. (PSC) Sep 11
- ID: 1927796
- September 2011
- Standard & Poors
The ratings on United Arab Emirates-based insurer Abu Dhabi National Insurance Co. PSC (ADNIC) reflect its extremely strong capital adequacy, strong operating performance, strong liquidity, and strong competitive position. These strengths are in part offset by the high, but declining, use of reinsurance, and aggressive growth strategy. We consider capitalization to be strong. It is based on extremely strong risk-adjusted capital adequacy, partially offset by high reinsurance usage. We expect ADNIC to maintain its target of extremely strong capital adequacy with a high-quality, debt-free capital base. In our opinion, capital will continue to generously support the company's planned future operations. Volatility in shareholders' funds has largely stemmed from asset value fluctuations. We expect volatility to reduce following the introduction of...
Companies mentioned in this report are: Abu Dhabi National Insurance Co. (PSC)
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Abu Dhabi National Insurance Co. (PSC)